Well...I used to have the very same error. I installed Hermes's cIOS 222/223 v4 and told my USB loader (USB loader GX) to use 222 to run the game. That solved it.
Keep in mind: this is not the only solution. I know for a fact the same cIOS works with CFG and wiiflow. And it works with v5 of the cIOS as well. And probably Waninkoko's rev17 and 19 as well (haven't tested those).
So...I'd say the cIOS you use to run SSBB is outdated. Search around a bit, and install an updated version. It's not that hard to find.
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